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Objectives: InsurTech is a new and interesting phenomenon, linked to the use of new technologies, such as artificial intelligence or distributed ledger technology, in the insurance sector. The factual and legal nature of relationships in this area, due to their heterogeneous and complex international character, raises many questions. Some of these relate to private international law, where conflict situations raise questions such as which law (the law of which state) is the substantive law applicable to resolve these situations. Presenting the complexity of this area, this statement describes possible solutions and reflects on the need and potential of applying private international law in the InsurTech sector. It introduces the InsurTech phenomenon, presents its links with private international law, reflects on the adaptability of existing mechanisms of this law to highly technological legal relations, and concludes by an attempt to indicate how to combine InsurTech and private international law, and whether this is possible at all. Material and methods: The work was written using standard scientific methods for legal science. It is primarily a dogmatic work, but also reaches for comparative legal elements. This choice of methods is justified by the presented issues. Results: The result of the research is an assessment as to the possible use of private international law tools for the problems that arise with InsurTech instruments. Conclusions: The author points out that the currently known private international law instruments are not suited to the modern requirements of the insurance services sector, especially in the context of the use of artificial intelligence or DLT technology (blockchain, smart contract) in the sector. [ABSTRACT FROM AUTHOR]

BACKGROUND AND OBJECTIVES: The development of new financial markets, such as insurtech, has become a focus for researchers and policymakers. This study aims to identify the challenges faced by insurance companies in Iran in adopting insurtech. METHODS: The research method was qualitative and data was collected through theoretical study, literature review, and interviews with experts. Qualitative content analysis was conducted using MAXQDA software. The credibility of the analysis was assessed using dataoriented reliability. The study population included managers of insurtech businesses in Iran. FINDINGS: Through interviews, consensus was reached on various challenges. After coding, 52 initial indicators were identified, leading to the identification of 21 subcomponents and 12 main components. The credibility of the coding was confirmed using the Kappa test. The identified dimensions and factors included culture, integration, training, conflict of interests, financial issues, management structure, infrastructure, regulations, neglect of innovation and new products, lack of investment, taxes, and contracts. The experts predicted the strongest consensus among conflict of interests, management structure, regulations, infrastructure, culture, and training. CONCLUSION: The challenges and barriers to adopting insurtech in Iran can be categorized into macro and micro levels. At the macro level, there are obstacles related to laws, regulations, monopolies, and infrastructure that require government attention. At the micro level, obstacles include organizational interests, culture, structure, infrastructure, and training that should be addressed by organizational managers. Without proper implementation of these factors, insurtech activities cannot thrive in Iran. The proposed framework can assist managers and policymakers in addressing these challenges. [ABSTRACT FROM AUTHOR]

Hungarian A műszaki és technológiai fejlődés legújabb vívmányai az elmúlt években a pénzügyi termékek, ezen belül a különböző biztosítási termékek piacán is megjelentek. A tanulmány célja a biztosítási szektorban megjelenő technológiai újdonságok elterjedési lehetőségeinek elemzése a fogyasztók általi elfogadás vizsgálatán keresztül. A szakértői fókuszcsoport vizsgálatból kiinduló kutatás 150 fő, felsőfokú képzettségű személy válaszai alapján vizsgálja a különböző innovációs nyitottságú fogyasztói csoportok közötti legfontosabb hasonlóságokat és eltéréseket. Az eredmények közül kiemelendő a digitális megoldásokra nyitott fogyasztók fokozott érzékenysége a bizalmat fokozó és költség-haszon szempontok, valamint a rugalmas, egyedi problémára szabott innovációkra vonatkozó várakozások megléte. Az eredmények alapján szükség van egy, a biztosítási iparág sajátosságait – köztük például hosszabb távú szemléletét – figyelembe vevő technológiaelfogadási modell bevezetésére a későbbi kutatások során. English In recent years, the latest technical and technological advances have also made their appearance in the market for financial products, including various insurance products. The aim of this study is to analyse the potential for the diffusion of technological innovations in the insurance sector by examining consumer acceptance. Based on the responses of 150 respondents with tertiary education, the research, which is based on a focus group survey of experts, examines the main similarities and differences between different groups of consumers with different levels of openness to innovation. The results highlight the increased sensitivity of consumers open to digital solutions, the increased confidence and cost-benefit aspects, and the expectations of flexible innovation tailored to specific problems. The results suggest the need to introduce a technology adoption model that takes into account the specificities of the insurance industry, including, for example, its longer-term perspective, in future research.

Conversational robots powered by artificial intelligence (AI) are intensively implemented in the insurance industry. This paper aims to determine the current level of acceptance among consumers regarding the use of conversational robots for interacting with insurers and seeks to identify the factors that influence individuals' behavioral intention to engage with chatbots. To explain behavioral intention, we tested a structural equation model based on the Unified Theory of Acceptance and Use of Technology (UTAUT) model. It was supposed that behavioral intention is influenced by performance expectancy, effort expectancy, social influence, and trust, and by the moderating effect of insurance literacy on performance expectancy and effort expectancy. The study reveals a significant overall rejection of robotic technology among respondents. The technology acceptance model tested demonstrates a strong ability to fit the data, explaining nearly 70% of the variance in behavioral intention. Social influence emerges as the most influential variable in explaining the intention to use conversational robots. Furthermore, effort expectancy and trust significantly impact behavioral intention in a positive manner. For chatbots to gain acceptance as a technology, it is crucial to enhance their usability, establish trust, and increase social acceptance among users. [ABSTRACT FROM AUTHOR]

Innovation is an important mechanism used by financial systems to adapt to external shocks and to increase resilience. The current wave of financial innovation can be regarded as unprecedented, due to its technology-induced nature and because it is mainly stimulated from outside the incumbent financial industry. We study "regulatory sandboxes ", set up by regulators with the intention to foster financial innovation. Hitherto, some national regulators remain hesitant in relation to introducing regulatory sandboxes, partly fearing a "two-tier" system of start-ups with a potentially disparate treatment of market participants. We argue that many non-participating countries, including some of the 23 EU Member States, should reconsider their decision towards regulatory sandboxes which allow for a constant dialogue between operators and supervisory authorities during the testing of financial innovations. [ABSTRACT FROM AUTHOR]

Over the past few decades, drastic advances in technology have forced insurers to seek transformation in order to survive in a changing environment. Along with the outbreak of COVID-19, online insurance has become a much-needed distribution channel for insurers, not only as a cost-effective option, but also in line with pandemic prevention measures. However, in contrast to insurers' vast investment in AI, chatbots, etc., online insurance only accounted for less than 2% of the total premium in Taiwan in 2022. This article uses importance-performance analysis (IPA) to identify disparities between client perceptions of crucial elements of online insurance services and their actual performance. The results show that among constructs such as perceived usefulness, ease of use, security, and service quality, customer experience can be greatly enhanced if insurers prioritize improving website security and service quality. [ABSTRACT FROM AUTHOR]

This study investigates the adoption of financial technology (FinTech) in the Islamic insurance industry, also known as the Takaful industry, as well as its challenges and prospects. A qualitative method was employed, comprising interviews with nine experts from top senior management and policy-making positions in Saudi Arabia's FinTech and Islamic insurance sectors. The data collected were recorded, transcribed, coded and analysed based on seven themes. The primary findings indicate that FinTech adoption in the Islamic insurance industry has penetrated core departments such as claim management, sales, actuarial, risk assessment and database management. However, it requires expansion into health and life insurance departments. Additionally, FinTech has fostered innovation, attracted quality talent, enhanced efficiency and facilitated flexible working environments. The study's implications include the need for a separate Takaful and insurance regulatory body distinct from the Saudi Central Bank (SAMA) to accelerate FinTech adoption. Centralising data in one location through cloud services is necessary, and top management and policymakers in Saudi Arabia should devise strategies to further the adoption of FinTech in the Islamic insurance industry. This research is a pioneering empirical work on cutting-edge FinTech adoption in the Islamic insurance industry in Saudi Arabia. [ABSTRACT FROM AUTHOR]

The transition to the use of digital technologies contributes to the modernization of the business environment and reorganization of all spheres of the economy. Innovative transformations encourage all economic entities to introduce various digital technologies into business processes. The insurance industry cannot develop separately from other segments of the financial market, so to meet modern requirements, it is necessary to carry out a digital transformation of the insurance business. At the present stage, in many countries, the demand for insurance continues to grow precisely due to the digitalization of the insurance sector, since the population is more interested in obtaining digital insurance products. This leads to the increase in the insurance penetration into the country's economy and increases its sustainability. However, there are many challenges and obstacles that hinder the development of the insurance digitalization. The main purpose of the study is to reveal the problems of introducing digital technologies in the insurance market in modern conditions and to reveal the main factors that affect the implementation of digital transformation of the insurance business. In the article, the features of the InsurTech implementation in accordance with the components of the insurance process are described, and it is described how the existing technologies are used to improve the efficiency of insurance companies. The components of the transformational model of InsurTech capabilities are highlighted, which are integrated in the formation of a network of customers and partners. The most investment-attractive digital technologies in the insurance sector are indicated, namely: р2р insurance, insurance telematics, insurance on request, aggregator of insurance services. Within the article, the factors that influence the growth of interest in digital technologies in insurance and accelerate their development, as well as affect the increase in the competitiveness of business entities in the insurance market are revealed. The existing problems and obstacles for the InsurTech development in Ukraine in modern conditions are identified. The main trends in the InsurTech development are revealed, which contribute to improving the quality of the customer service, optimizing business processes of insurance companies and ensuring competitiveness in the market. [ABSTRACT FROM AUTHOR]

InsurTech are technological solutions used by insurance companies to optimise the performance and improve customer experience. Numerous InsurTech applications are available for almost all functions of insurance product life cycle. Over 1500 InsurTech companies operate around the world and around 140 InsurTech companies operate in India. InsurTech applications provide number of benefits though, there are concerns with regards to technology, data accuracy, legal and regulatory framework with regards to how InsurTech application operate. The paper presents a review of InsurTech companies with respect to services offered by them, impact, benefits and concerns. A strategic model, is suggested to plan the development or deployment of InsurTech application, in order to address the concerns stated in the paper. The model can be useful to both the IT professional who develop the applications and insurance professional who deploy the applications. [ABSTRACT FROM AUTHOR]

BACKGROUND AND OBJECTIVES: The insurance industry has a great influence on the dynamics and progress of the economy in countries. The penetration of technologies in the structure of insurance organizations has converted the nature of the insurance business. In this research, by using of the business ecosystem, the effective factors of insurtech have been tried to be investigated on the blocks of the business model canvas that make up the business model of insurance companies, as well as the influence and effectiveness of these factors. METHODS: In this research, after revisal the literature, the effective agents of insurtech on the business model canvas of the insurance industry were gathered and provided to the experts in the form of a questionnaire. The statistical society of the research consists of information technology directores and insurance industry research and development managers and insurance industry experts who are related to insurance technology. In this platform, the opinion questionnaire of experts was completed by 15 experts in this field. After examining the answers of the experts to the questionnaire, 26 sub-criteria affecting the business environment of the insurance industry were determined. Then, the Dematel questionnaire was completed by 8 experts in the insurance industry, and effective factors were identified and ranked by using the combination of network analysis and Dimtel methods. FINDINGS: Based on the results of Dematel analysis method, the criteria of key resources, effective activities, customer orientation, customer sections and channels affect the system. Also, income flow criteria, key partners, value proposition and cost structure are affected by the system. The results of the network analysis method have shown that at the level of the main criteria, the criterion of key partners by a weight of 0.206 ranks first, value proposition by a weight of 0.192 ranks second, cost structure by a weight of 0.185 ranks third, key resources by a weight of 0.125 ranks fourth, customer orientation by The weight of 0.099 ranks fifth, key activities by a weight of 0.097 ranks sixth, channels by a weight of 0.044 rank seventh, revenue stream by a weight of 0.037 ranks eighth, and customer segments by a weight of 0.015 ranks ninth. CONCLUSION: Insurance companies should update their business environment to take advantage of Insurtech opportunities. The directors of insurance companies should pay most attention to the company’s key partners first and then to the value proposition and cost structure. [ABSTRACT FROM AUTHOR]

New technologies are integrating and deeply influencing people's work and life, and have become a key factor leading the continuous innovation of the insurance industry. The application of InsurTech has attracted widespread attention in the industry, and it is necessary to conduct in-depth deconstruction and analysis of its impact on insurance enterprise innovation to ensure the sustainability of technological innovation in insurance enterprises. Based on the panel data of Chinese insurance enterprises from 2011 to 2020, this paper empirically examines the relationship between InsurTech and enterprise technological innovation level and the mechanism of action by using the fixed effect model and the intermediary effect model. The empirical research results are as follows: (1) The development of InsurTech has significantly improved the technological innovation of insurance companies. (2) From the perspective of mechanism, InsurTech mainly improves the technological innovation level of insurance companies by alleviating financing constraints. (3) Furthermore, we also found significant differences in the promotional effect of InsurTech's development on enterprises of different sizes and properties. At the same level of development, InsurTech has a greater and more significant "incentive effect" on the technological innovation level of non-state-owned enterprises and small and micro insurance enterprises. The research conclusion of this article not only enriches the literature on InsurTech and the technological innovation level of insurance companies, but also has significance for China's insurance companies to help them formulate digital transformation policies and promote the "sustainable development" of technology empowerment insurance strategies. [ABSTRACT FROM AUTHOR]

As researchers and practitioners alike seek to identify new ways to solve business challenges, inspire financial innovation, and create and seize new opportunities, insurers around the world are increasingly teaming up with insurtechs, and other tech startups. However, combining the constant caution of traditional insurance with the fast-moving, fast-changing startup-tech of startup culture is rarely straightforward, especially from the perspective of fintech ethics. Insurers need to be well-prepared to ensure these partnerships work for everyone involved - and ultimately deliver significant value. There are many reasons why insurance companies are looking for partners in insurtech, and other technology areas. They usually want to overcome a challenge or solve a vexing problem. The reasons behind successful partnerships often focus on persistent business needs: to help reduce costs, increase revenue, or improve customer experience. Partnerships between insurers and technology companies are increasingly common, especially because of the development of artificial intelligence applications (for example ChatGPT applications). Therefore, in this paper we propose, based on existing empirical studies, to highlight the financial trends in the insurtech field based on artificial intelligence applications and according to existing European regulations. [ABSTRACT FROM AUTHOR]

Customers' data points sources are growing, through the Internet of Things (IoT), telematics and interfacing with third parties' platforms. Third parties provide either by-product data about their clients, or data that are generated for the specific task of a more accurate measurement of behaviour. One of the core building blocks in insurance is understanding risk – therefore, innovation around data points (sources and analytics) to proxy risk is the engine behind its digital transformation. While the value of data points is clear for the providers of insurance products and services, the customers have not only less control over their data, but also hardly benefit from the creation of those data points. In this paper we provide a case study from the British car insurance industry, about a data-driven product that pivoted into a re-designed personal data right architecture, which included transparency, traceability and usability of customers' digital traces, and enabled customers' ownership rights over their data. [ABSTRACT FROM AUTHOR]

The aim of the study is to identify the future of Russian bancassurance in the “digital” world based on the formation of a reasonable opinion on its prospects within the framework of path dependence and the ecosystem approach. The relevance of the article is determined by the significance of bancassurance for the development of the insurance sector and the Russian financial market as a whole. The author uses methods such as analysis and synthesis, analogy, induction, descriptive analysis, matrix construction, clustering using graphs, and index method. The study is based on the works of domestic and foreign authors, data from the Bank of Russia on the state of the banking sector of the Russian Federation and key indicators of the insurers; reports of the rating agency “RA Expert” on bancassurance; data of Professional Analysis Systems of Markets and Companies Interfax. Based on the results of quantitative analysis, the author concludes that the key factor determining the development of Russian bancassurance within the framework of path dependence is the role of banks as recipients of cash flows. The author shows that the digital transformation of bancassurance is mainly associated with the digitalization of intermediary relations between the bank, individual client and insurance company. To quantify the level of such transformation, the author proposes indices of digitalization of bancassurance. The author shows that bancassurance can be successfully built into ecosystems due to its peculiarities. However, the conditions for the development of ecosystems in the Russian market can lead to the dissolution of bancassurance in ecosystems and the loss of its significance for the development of the Russian financial market. The presented conclusions are to be discussed taking into account the study of new issues in this problem area, including a study of the mergers and acquisitions market to analyse changes in the ownership structure of banks and insurance companies; a study of corporate bancassurance; broader analysis of quantitative values of bancassurance due to new data; analysis of ecosystem development in the Russian financial market in order to move from predictive judgments to a discussion of real situations.

In this literature review research study, the five research papers were chosen based on both novelty and discussion of important topics related to big data and analytics in a manner that serves the purpose of this research and also as per the research method described by Vom Brocke et al (2009). Various questions such as: Are there any changes in business analytics theories/practices since these five papers were written? Are the ideas and theories proposed in these five papers applicable? To what extent the issues mentioned in these five papers have been resolved? And how do the models, frameworks, and guidelines are applicable to skill development professionals? are answered in this paper. [ABSTRACT FROM AUTHOR]

Copyright of Anales del Instituto de Actuarios Españoles is the property of Instituto de Actuarios Espanoles and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper introduces the possibility of use of Artificial Intelligence in the whole claim settlement process on insurance companies' vehicle claims. A fully automated vehicle claim settlement needs to develop the automatic liability check of the accident, which is now only made by human experts. The main points of this article are the main directions of the possible future development, such as to recognize the traffic situation, and to make a proper accident reconstruction. [ABSTRACT FROM AUTHOR]

As part of the Fourth Industrial Revolution (4IR), blockchain, fintech (financial technology), and insurtech (insurance technology) are some innovations that have been rolled out in the financial landscape and have captured the imaginations of policymakers and scholars alike. The African continent lags in embracing technology and is still grappling with financial access and enhancing financial inclusion. As such, it is bewildering whether African insurance markets are at a stage where they can leverage the possibilities offered by the 4IR. Against this backdrop, the aim of the study was to investigate whether information communication technology (ICT) adoption influences the development of African life insurance markets. We utilised a sample of 31 sub-Saharan African countries for the period 2005–2020. Panel data techniques were employed, and the pooled ordinary least squares, fixed effects, and random effect estimators were used to test the relationship between life insurance density and the measures for ICT adoption (proxied by fixed telephones, internet use, mobile cellular telephones, and broadband) as well as financial freedom being the control variable. We found that the life insurance market development variable was positively related to three of the four ICT adoption variables, namely, fixed telephone, mobile cellular telephone, and broadband. Further, the life insurance market development variable is positively related to the financial freedom variable. These findings suggest that ICT adoption fosters the development of the life insurance market in Africa. The findings also lend credence to the view that the degrees of financial freedom of insurance companies (who are unencumbered by regulations) have a bearing on the levels of insurance sales and, hence, promote life insurance access in Africa. The policy imperatives that flow from this study are that African governments must ensure that they (1) institute ICT adoption-friendly policies and (2) regulate the life insurance sector optimally, in order to foster the development of their life insurance sectors. [ABSTRACT FROM AUTHOR]

After describing the main features of the Spanish companies belonging to the FinTech, InsurTech, and PropTech sectors, the main objective of this study is to analyze whether their B2B/B2C business models are related to the existence of sustainability plans. Specifically, this paper analyzes whether the existence of a sustainability department is a determining factor for the business model adopted by the Spanish FinTechs, InsurTechs, and PropTechs. By using the multinomial logit regression, other factors such as the current closeness of companies to the sustainable development goals (SDGs), the sensitivity to domestic and European FinTech/InsurTech regulations, and the perception of FinTechs about such European regulations are debated before conclusions are drawn for a future research agenda. [ABSTRACT FROM AUTHOR]

Copyright of Financial Space is the property of Cherkasy Institute of Banking, University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

While some consider open insurance to be a buzzword with more hype than substance, the underlying trend of open finance stimulates insurers to use digital technology to exchange data with third parties to realise process efficiencies and develop new products and channels. Based on a literature review and 30 interviews with industry experts in Europe, we define open insurance, identify its key drivers, and discuss the dimensions and performance impact of open insurance strategy. The combined insights can help executives develop a better understanding of open insurance and formulate an open insurance strategy that provides performance benefits to them, customers, and third parties. [ABSTRACT FROM AUTHOR]

The insurance industry is innovating. Business models, services and processes are rapidly evolving, largely backed by technological developments. The particular historical context of COVID-19 provides a suitable case to understand the relevance of exploiting technology to react quickly to traditional and emerging risks. Focusing on the initiatives put in place by the most influential insurance companies at the global level, we have framed the innovation mechanisms in the industry, highlighting four rationales underpinning these initiatives (Adaption, Expansion, Reaction and Aggression), which differ according to the relevance of the technology in use and innovation to the portfolio of risks covered. Overall, it emerges that insurance companies have the room and capability to innovate, in many cases using technological applications to cover new and existing risks. While the initiatives studied concern the entire value chain, basic primary activities, such as product development, sales and claims management, show that innovation based on new or existing technology determines the success and competitiveness of the business. [ABSTRACT FROM AUTHOR]

Sports participants are actively adopting wearables to measure their performance but they can also be used to minimise and control risks. We investigate and compare the results of 272 runners and 265 soccer players to determine the current use of wearables as well as the propensity to purchase insurance services that are coupled with the wearable technology. This includes an inquiry into the factors that determine people's readiness to share data with a potential insurance carrier. We use a Logit function to show that soccer players are more likely to purchase insurance as a means of protecting future income, especially at a younger age. We also find that perception of and experience with technology are key determinants of the use of wearables and the disposition to share insurance data for both cohorts. Wearables are also more likely to be adopted if offered at a lower pricing point. Finally, both cohorts are more likely to share their data with an insurer if they have a positive perception of the insurance industry and its products. [ABSTRACT FROM AUTHOR]

Copyright of Revista Ibero-Latinoamericana de Seguros is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article makes an exploration into the impact of COVID-19 on the non-life insurance industry and how it will shape and implement its policies and strategies in the transforming environment to ascertain resiliency and sustainable growth. The pandemic has posited widespread impact on the comprehensive financial spectrum of world economy. Following the holistic economic shock, Global insurance industries have come forward with diverse policies and products with a view to adapting with the new-normal economic array. It is immensely significant to formulate multi-faceted policies, technological advancement and innovation with regard to insurance products and increased customer orientation both in new-normal spectrum and future calamities. Non-life insurance companies have tended to promote InsurTech to increase customerbased services during the COVID-19 period. However, comprehensive digitalization, modernization of health sector, micro-insurance for agricultural sector, competitiveness and sustainability in insurance business is imperative to assure a sound and extensive ambience for the insurance industry. [ABSTRACT FROM AUTHOR]